Buy a 3-Bedroom Foreclosure in 2008 and Sell 3 Years Later: 1038 W. Byron in Lakeview
This top floor 3-bedroom at 1038 W. Byron in Lakeview came on the market in May 2011.
It had previously been a bank owned property in 2008.
Back then, it was a 3-bedroom, 1.5 bath unit with an older kitchen with older appliances.
You can see the old listing pictures here.
Now, the unit has 2 full baths and it looks like the washer/dryer has been moved out of one of the bathrooms into its own closet.
The listing says it has been “newly renovated”.
The kitchen has stainless steel appliances, granite counter tops and custom cabinets.
There is a skylight and a wood burning fireplace.
It has central air and an assigned parking space behind the building.
Originally listed for $389,000, it has been reduced $40,000.
Depending on which source you believe the seller paid either $238,000 or $283,000 in 2008.
Is buying a foreclosure on the cheap the only way to make money in this market?
Danny McGovern at Re/Max Properties Northwest has the listing. See the pictures here.
Unit #3: 3 bedrooms, 2 baths, 1500 square feet
- Sold in February 1995 (no price given)
- Lis pendens filed in March 2005
- Bank owned in December 2007
- Sold in June 2008 for $238,000 (per the public record- although the various old listings all say it sold for $283,000.)
- Originally listed in May 2011 for $389,000
- Reduced several times
- Currently listed at $349,000
- Assessments of $317 a month
- Taxes of $5076
- Central Air
- Washer/Dryer in the unit
- Parking included
- Bedroom #1: 15×10
- Bedroom #2: 12×11
- Bedroom #3: 13×11
I’m not buying it but they flipper did a nice job of rejuvenating a really dumpy unit.
beautiful renovation – wow.
On a separate note, whoever is in the market and wants to buy but doesn’t right now is a complete and total idiot (sorry to use that term again, but it is true). Interest rates are at their lowest in decades (and all signs point to increases within a couple of years), home prices are at or near their lowest (despite the nonsense talk about going down more, it ain’t gonna happen) – so why put your life on hold when now is the best time to buy. The water isn’t going to get any warmer, people.
Not sure why interest rate increases are expected. Japan’s interest rates have remained low for about 20 years.
As for the unit – fantastic job. I’m a little surprised it hasn’t sold already.
It’s lovely!
Too bad it is where it is… Gill Park is full of hobos and Greeley is not a great school. That said, go another block south (Grace) and your fine.
I find it creepy when a bedroom door leads directly outside. Freaks me out.
That block is nice. Alta Vista is lovely. Easy walk to Southport too.
Pretty unit, seems overpriced given the lack of 2/2 buyers in the market.
nice reno. this pocket is a little on the seedy side. agree about Gill park. Greeley is a deal breaker as well. That said, i would think it would move fairly quickly withe price cut now. Maybe about 330
nice reno. this pocket is a little on the seedy side. agree about Gill park. Greeley is a deal breaker as well. That said, i would think it would move fairly quickly with price cut now. Maybe about 335
clio mortgage rates will continue to fall, its one of the dumber things the fed has done with going out and blatantly saying that they will keep rates at zero until 2013, and then this operation twist nonsense will keep rates low for years to come, so why by now when the monthly nut will be cheaper in two years or longer? The fed is actually doing more harm than good to the housing market.
I always liked this street and this series of buildings. The view across to Alta Vista is attractive, and the facades of the buildings on Byron, with their curving windows, makes for a pleasant streetscape. I remember clearly when all of the buildings on the north side of Byron got renovated in the mid-80s. Before that, this was a very ragged stretch.
It is a bit far from any decent shopping district. There’s that sleazy area near Irving and Sheridan nearby, but I don’t count that.
I rather LIKE a bedroom that goes directly outside, because it is so easy to escape should a fire occur. If I had a bedroom like that, I’d install an alarmed door and put my kids in it, and teach them to exit it quickly in case of fire. The alarm on the door would alert the parent to non-authorized exits.
Nice-ish inside but to come home every day and look up at that mangled cornice would be dispiriting. Can’t imagine buying an apartment in a building that has suffered like this.
You make a good point about the cornice. I hadn’t noticed that before. Something should be done.
The interior looks quite nice. I like the skylight, and all the rooms seem bright and airy. I also like what they did with the fireplace.
Sadly, a LOT of buildings in Chicago need the cornice replaced. Some look worse than others. The WORST is when they remove it and use cinder blocks instead of brick. That’s tragic looking.
The Carson’s building on State Street recently had its cornice restored and it looks good. Much better than the crummy thing that was up there before that replaced the original cornice in the 1950s. Not sure why it was so popular than to take cornices off of buildings, but a number of them suffered that fate.
“Not sure why it was so popular than to take cornices off of buildings”
Much, *much*, *MUCH* cheaper to replace with brick than to fix it right. CPS only got that treatment bc of various perservation funding sources.
I see. So it wasn’t just wanton destruction of cornices. It was a decision to cheaply repair them when they started to get old.
Are there any signs of “improvement” going on at Greeley School in the way of magnet programs, etc? Considering its “almost Wrigleyville” location, I can’t imagine CPS writing it off.
ChiTownGal–do you think the vast majority of Wrigleyville residents care more about the quality of your kids education or whether theres another Old Style in the fridge? You’re fighting an uphill battle.